Nifty at 7550, Rupee hits fresh 2 Year Low

Indian Markets nose dived again today with Nifty falling over 1.26% to close at 7558 (-96.25). The index of the Bombay Stock Exchange (BSE) Sensex end the day with a fall of 1.22% to close at 24,893 (-308.09). The downfall was accompanied with a volume build-up of 643,000,000 in Nifty which is comparatively less than its previous trading sessions. The breadth of the market was negative with 7 Advances and 43 Declines in Nifty.

Amongst the sectors, there were no gainers today but the sector which fell the least today was CNX Energy which closed at 7299 (-0.84%). The stock which fell the most today was CNX METAL (-2.53%) followed by CNX PHARMA (-2.25%), BANK NIFTY (-2.10%) and CNX REALTY (2.02%)

The prominent stocks which gained the most today are TECHM (+1.29%), HDFC (+0.99%), YESBANK (+0.59%), TATAMOTORS (+0.34%) and ONGC (+0.20%). But the losers today were much more grave with NMDC falling -4.43% followed by BOSCHLTD (-3.97%), AXISBANK (-3.53%), ICICIBANK (-3.39%), VEDL (-3.38%).

Rupee hits a fresh 2 year low– The Indian currency hit a fresh two year low and thus valuing at 66.8125 ie up by 0.53%. It is expected that the volatility in the USD-INR currency pair will still be continued on the back of global cues and movement in equity.

Indusind Bank up by 2%– The stock was up by 2% in today’s volatile session after RBI on Friday said, “The restrictions placed on the purchase of shares of the above bank are withdrawn with immediate effect,” .It further added that the shares of IndusInd Bank can now be purchased through the primary market and stock exchanges.

Telecom stocks fell after TRAI said company should pay for price drop– Telecom stocks like Bharti Airtel, Idea Cellular and Tata Communication fell in today’s trade as TRAI has proposed that service providers should compensate mobile subscribers for call drops and poor quality of services. The regulator proposed that any call which gets dropped within five seconds would not be charged, and in case a call gets dropped any time after five seconds, the last pulse of the call should not be included for the purpose of charging. At present, TRAI levies penalty on telecom operators for failing to meet service quality benchmarks. As per the rule, call drop should not be more than 2% of all calls made on a network in a telecom service area. The call drop problem during peak hours in one year has almost doubled, as per a report of the regulator.

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